Like-minded lawmakers across party lines have kicked off discussions toward amending the Bank of Japan Law to effectively lessen the central bank's independence and hold it more accountable for its monetary policy.

"The 1998 BOJ Law gave the bank too much independence and freedom, which caused prolonged deflation," said Your Party leader Yoshimi Watanabe, who launched the nonpartisan group Friday with Kozo Yamamoto of the ruling Liberal Democratic Party, Sakihito Ozawa of Nippon Ishin no Kai (Japan Restoration Party) and Yoichi Masuzoe, head of Shinto Kaikaku (New Renaissance Party).

The group aims to rewrite the law to make the BOJ more accountable for its policies. Members of the three parties are pushing for change, and both the LDP and Your Party have drafted revisions calling for employment stability to be a BOJ policy goal, as well as for an accord between the government and the bank.